20 unchanged sentences
Our use of variable-rate debt exposes us to interest rate risk as changes in interest rates would affect interest expense.
−Removed: In December 2021, we entered into a $300.0 million variable interest loan that matures on December 17, 2022.
−Removed: This loan bears interest at Term SOFR + 5.4%.
−Removed: As of December 31, 2021 , the interest rate on this loan was 5.47%.
−Removed: A 100-basis point increase in the Term SOFR rate as of December 31, 2021 would not have a material impact on our results of operations and cash flows.
+Added: As of December 31, 2022 , we have $475.0 million of variable-rate loans outstanding that mature on December 31, 2023.
+Added: These loans bear interest at Term SOFR + 8.0%.
+Added: As of December 31, 2022 , the interest rate on these loans was 12.59%.
+Added: A hypothetical 100-basis point increase in the Term SOFR rate as of December 31, 2022 would increase our future interest payment by $4.8 million .
+Added: Similarly, a hypothetical 100-basis point decrease in the Term SOFR rate as of December 31, 2022 would decrease our future interest payment by $4.8 million .
Foreign Currency Exchange Risk
15 unchanged sentences
As such, we currently do not enter into currency forward exchange or option contracts to hedge foreign currency exposures.
+Added: As of December 31, 2022, 9,090,909 warrants from the direct registered offering remained outstanding at a fair value of $21.6 million.
+Added: The fair value of this warrant liability is determined using the Black-Scholes option pricing model and is therefore sensitive to changes in the market price and volatility of our common stock among other factors.
+Added: In the event of a hypothetical 10% increase in the market price of our common stock ($5.58 based on the $5.07 market price of our stock at December 31, 2022) on which the December 31, 2022 valuation was based, the fair value of the warrant liability would have increased by $3.3 million.
+Added: Similarly, based on the fair value of the warrants outstanding as of December 31, 2022, a hypo thetical decrease of 10% in the market price of our common stock would have the fair value of the warrant liability decreased by $3.3 million .
+Added: S uch increase or decrease would have been reflected as change in fair value of warrant liability in other income (expense), net , in our consolidated statement of operations.
Inflation Risk
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.